China Financial Summit 2013 opens in Beijing

China Financial Summit 2013 is one of the main sessions of the 16th China Beijing International High-Tech Expo, and is being held on May 23 and 24. Keynote speeches were delivered at Diaoyutai State Guesthouse.

Cai Guoxiong, of the National Committee of CPPCC and vice-chairman of Beijing Municipal Committee of CPPCC, was at the conference.

Zhu Guangyao, vice-minister of Finance, Pan Gongsheng, deputy governor of the People's Bank of China, Guo Ligen, vice-chairman of the China Banking Regulatory Commission, Liu Xinhua, vice-chairman of the China Securities Regulatory Commission, and Zhou Yanli, vice-chairman of the China Insurance Regulatory Commission, delivered the keynote speeches.

According to Zhu Guangyao, the world's financial environment remains intricate and complex, and there are six contradictions in the situation.

Many countries need to go a step further to lower their interest rates, and the monetary policy of the US Federal Reserve is closely observed by the major developed economies, and economies are paying close attention to see whether the Federal Reserve will give up the quantitative easing policy, said Zhu.

The harmful influence of shadow banking has gradually increased. The Financial Stability Board and G20 are discussing taking lessons from the world economic crisis, Zhu added.

Meanwhile, speakers Karin Finkelston, vice-president of IFC Asia Pacific of World Bank Group, Edmond Alphandery, former minster of economy in the government of Edouard Balladur and founder of the Euro 50 Group, Charles Dallara, chairman of Americas Partners Group and managing director of Institute of International Finance, also shared their ideas about finance reform innovation to serve the real economy.

Two parallel sessions, which are focused on the financial industry and real economy development, urbanization development, and city and global monetary system evolution and international financial cooperation, will be held on May 23, during the ongoing China Financial Summit 2013.